By Dan Ilett, 7 April 2006 16:50
NEWS
Seven people have been arrested on suspicion of electronically laundering up to £43m through bureau de change networks.
A director and an ex-employee of an unnamed money bureau in East London are among the suspects arrested after an investigation which began when HM Revenue and Customs (HMRC) seized around £1m that had been put through 'money service businesses' (MSB).
The cash is believed to come from UK organised crime gangs and was eventually laundered to the Middle and Far East.
The HMRC told silicon.com: "Enquiries to date suggest this was cash collected from UK organised crime groups by members of a London-based money laundering entity. The cash was often collected in dubious circumstances such as handovers of plastic carrier bags and holdalls containing cash, often on East London back streets, for transfer and placement into MSB systems."
HMRC said the suspects, who were not named, used fake documents to transfer the money.
Last year, officers recovered £600,000 after noticing one suspect received four bags of cash from drivers of four different vehicles in the space of two hours. One bag was said to have contained £400,000.
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